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The share value of the US company "Signal Advance" has risen by about eleven times within two days because it was falsely associated with the messenger service Signal.
The reason for this was a tweet from Tesla boss Elon Musk, who recommended the Signal app on Thursday after Whatsapp changed the terms of use.
Musk's tweets usually attract a lot of attention due to its large number of followers (41.7 million).
This benefited tech company Signal Advance - a Texas-based tech company that had stocked about $ 60 cents prior to Musk's tweet.
On Saturday, the stock was priced at $ 7.19 - a total of 1,100 percent.
Since going public in 2015, Signal Advance's stock has climbed to a maximum of one US dollar.
The messenger service Signal pointed out on Friday that the listed company was not the app.
“It's understandable that people want to invest in Signal's record growth, but we are not.
We are an independent 501c3 (
code for non-profit companies in the USA
) and our only investment is in your privacy, "commented Signal on the incident on Twitter.
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The messenger service Signal is a non-profit company that focuses on encrypted communication.
Tesla boss Musk drew attention to this with the tweet "Use Signal", because the changed terms of use of WhatsApp are under criticism under data protection law.
They should apply to users worldwide by February 8th.
The innovations in the messenger service will allow data to be exchanged between Whatsapp and the parent company Facebook in the future.
Thanks to the GDPR, the new guidelines should not apply to users in Europe.
This was announced by Niamh Sweeney, Director of Policy at WhatsApp in Europe and Asia.
According to media reports, the changes to the terms of use will in particular update how the Facebook subsidiary WhatsApp processes user data.
Furthermore, companies and Facebook advertisers should be able to open, manage and save their own WhatsApp chats with users using new Facebook tools.